CMBS Issuance Marks Largest Ever New-Year Kickoff

Wall Street dealers issued $8.8 billion of commercial mortgage-backed securities in January, marking the biggest ever start to a year for the market closely tied to the health of U.S. real estate.

The Thursday pricing of the final portion of a $3.6 billion refinancing of debt on the Extended Stay America hotel chain by J.P. Morgan Chase & Co. and Deutsche Bank put the month’s tally over the $8.2 billion of January 2005, when issuance saw its biggest year-over-year increase.

This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com.